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Burial Insurance With Pre-Existing Conditions
By Matt Schmidt
Pre-existing health issues are no joke. Especially when it comes to trying to find coverage for burial life insurance. Just look at the sample list below!
A person’s current, and recent health history, is one of the main determining factors that burial insurance companies use, to determine your rates and options. Having Diabetes, or history of Heart Attacks will play a role, into which company will be the most competitive in pricing
For the majority of pre-existing conditions, it is relatively easy to qualify for burial insurance or final expense insurance. For most of the conditions on the list to the left you are covered by at least one (at often times many) insurance companies. On the rare chance that you fall under the category where it is difficult to obtain burial insurance, you can always find a company that offers guaranteed issue life insurance plans. They offer no medical underwriting which allows you to bypass any issues caused due to your health.
If you are wondering how preexisting health conditions affect your ability to find final expense insurance without breaking the bank, look no further. Burial Insurance Pro’s are here to help you get a better understanding on your pre-existing conditions and help you understand what limitations or coverage is available to your specific condition.
When it comes to signing up for a burial insurance policy, most companies will assess your health to figure out what exact policy you qualify for. The great news is, there’s no medical exam, or review of medical records. Companies will look at the following three things if you want a burial policy that pays out an immediate death benefit to your beneficiary.
Upon reviewing this information, an insurance company will have a better understanding of your medical history and will be able to come up with their terms of your eligibility. This entire process can take anywhere from a few minutes to a few days. Your agent will stay in touch with you, and if any additional information is needed from you, the agent would contact you immediately.
| Amputation Due To Diabetes | ||
| Aneurysm | ||
| Angina | ||
| Arthritis | ||
| Asthma | ||
| Atrial Fibrillation | ||
| Bi-Polar Disorder | ||
| Blindness | ||
| Blood Clots | ||
| Blood Thinners | ||
| Cancer | ||
| Chewing Tobacco | ||
| Congestive Heart Failure | ||
| High Cholesterol | ||
| Chronic Bronchitis | ||
| Cigars | ||
| Circulatory Surgery | ||
| Cirrhosis | ||
| COPD | ||
| Crohn's Disease | ||
| Cystic Fibrosis | ||
| Defibrillator | ||
| Dementia | ||
| Depression | ||
| Diabetes | ||
| Diabetic Coma | ||
| Diabetes [Type 1] | ||
| Dialysis | ||
| Disability | ||
| Diverticulitis | ||
| Epilepsy | ||
| Fibromyalgia | ||
| Heart Attack | ||
| Heart Surgery | ||
| Hepatitis | ||
| High Blood Pressure | ||
| HIV or AIDS | ||
| Home Health Care | ||
| Insulin Shock | ||
| Kidney Disease | ||
| Lupus | ||
| Multiple Sclerosis | ||
| Nephropathy | ||
| Neuropathy | ||
| Overweight | ||
| Oxygen | ||
| Pacemaker | ||
| Parkinson's Disease | ||
| Pipe Smokers | ||
| Retinopathy | ||
| Sarcoidosis | ||
| Schizophrenia | ||
| Scleroderma | ||
| Seizures | ||
| Sickle Cell Anemia | ||
| Sleep Apnea | ||
| Smokers | ||
| Stroke | ||
| TIA Attack (Mini Stroke) | ||
| Tumors | ||
| Wheelchair Usage |
What’s convenient is that every burial insurance company has their own standards they look for when it comes to underwriting. So not all companies are created equal. If you qualify for insurance with Company A, you may not be eligible for insurance with Company B due to different underwriting guidelines and prescription drug history.
Due to the increasing competition amongst final expense insurance companies, this comes as a direct advantage to the consumer. The biggest dilemma is finding Company X who accepts your pre-existing conditions and caters best to your lifestyle. Luckily Burial Insurance Pro’s are here to help with that part. We can help you answer questions that pertain to your health and find the best policy out there. Upon speaking with our agents, we can make recommendations based off your health profile.
Maybe Lincoln Heritage would rate you higher due to your health history, while Mutual of Omaha would accept you for the same amount of coverage, at a lower premium. Possibly, you could save $400 to $500 per year wen you compare different final expense insurance providers. That’s why we love to work with our clients, and help them find the policy that best suits their financial needs.
Here’s another example. Maybe Colonial Penn or Globe Life Insurance company couldn’t offer you a burial policy that pays an immediate death benefit. But Sentinel Security Life could offer a policy that covers you from the very first day of the policy. This means if you were to pass away at ANY point in time, your family would get a lump sum and tax free payment to address all your funeral expenses and final expenses. By working with us, we can guide you in the right direction, to the best priced, and most suitable insurance provider.
When it comes down to the brass tax, you’re going to either be eligible for insurance with a certain company or not, based upon your answers to their health questions.
The general rule of thumb is if there are no questions about a certain health issue, then that company is okay with it. Burial insurance companies health questions are simply YES or NO. There’s no maybes, or explanations needed.
However, on the other end of the spectrum… if you answer “yes” to any of the health questions it doesn’t necessarily mean you are completely out of luck. It may mean that you will have to pay a higher monthly premium or a possible modified payout of benefits in the first few years.
Are you currently hospitalized, in a nursing facility, confined to a bed, or receiving hospice care?
Are you currently prescribed to use oxygen for any lung or respiratory disorder?
Have you been diagnosed by a medical professional as having an aneurysm that has not been surgically repaired?
At any time have you been diagnosed or treated by a medical professional or had surgery for any of the following?
Within the past 24 months, have you been diagnosed or treated by a medical professional or had surgery for any of the following?
At any time. Have you been diagnosed or treated by a medical professional or had surgery for any of the following?
We recommend you to have a quick 5 minute phone conversation with our agents, so we can help make suitable burial insurance recommendations. Let us help you shop around and find a company that will cause the least amount of issues based upon your pre-existing conditions. Different companies have different wording to their questions, and ‘look back period’ to health conditions. Some companies ask if you’ve been treated for Cancer in the past 4 years. Others ask if you’ve been treated for Cancer within two years. If you had a history of Cancer 3 years ago you’d want to work with the final expense company that would accept you based off the time frame you were last treated.
There is no need for you to fill out ‘multiple’ applications, and to submit them and hope for the best. Let’s be honest, no one has time to do all that. You can simply contact us, let us get a better picture of your health history, and we can then tell you what companies, may consider you for coverage.
The type of prescriptions you take may not seem like a big deal when it comes to burial insurance. However, this notion is wrong. Most companies will scrutinize your prescription history to have a better understanding of your health over the years. Each prescription you take from when you started to take it gives these companies a deep knowledge and understanding of any and all medical conditions you may try to hide.
A general rule of thumb when it comes to prescriptions, if you fill it up the companies will assume you take it. When you take it, they will assume you’re taking it to treat whatever condition it is meant to help. Even if you say “no” to a previous health question in regards to a medical condition…if you take medicine for it, they will assume you have that pre-existing condition. However, some prescription drugs are used for multiple purposes. Perhaps you take a drug for Anxiety, that can also be used for Bipolar disorder. We’ll work with you, and let the Underwriters know that your condition is for Anxiety.
Various companies will have different assumptions about how prescription drugs are being prescribed. If you’re taking a medication for over two years, a few insurance companies will view that as taking the drugs for maintenance purposes. Others would consider the drug as ‘treatment’ for a specific type of health issue, and they would penalize you by raising rates, or declining you for coverage.
As an example, here is a list of Medications, that Mutual of Omaha will not accept a person applying for an immediate death benefit burial policy:
Now just because you may not qualify for a policy thru Mutual of Omaha, that does not mean other companies won’t consider. This a perfect example as to why you want to work with agents, who have access to multiple burial insurance companies.
As we mentioned previously the MIB is an organization that helps insurance companies and their underwriting process. They will share information on an applicant, if this person has applied for coverage previously, with another insurance company.
MIB keeps track of all of your information that you tell any insurance company (at any point in time of your life) that participates with them. It only acquires information from the applications you fill out. The biggest thing insurance companies are looking for in your MIB is any contradicting information. If you tell Company A one thing and then Company B another, it will let both companies know the pertinent information that is needed to insure you properly.
As long as you tell the truth the MIB shouldn’t affect you or your coverage in a negative way. If anything it will help get you lower rates for being honest, since it weeds out any potential fraudulent individuals trying to shiest the system.
Unfortunately, your MIB report may not be accurate, due to an insurance company recording your health information incorrectly. If this is an issue for you, it may be wise to apply for coverage, to a burial insurance company, that doesn’t do a MIB review. Or if you can provide details to past insurance applications, your agent may be able to relay additional information to a company’s underwriter, and possibly get them to make an exception to your application
We are sure you have received all sorts of information on pre-existing conditions and how it affects you. I mean that list alone is confusing to understanding without the proper knowledge. The insurance world has a lot of ins and outs and, well, sometimes it is just easier to turn things over to the professionals. Contact us, and let us do our job, and provide you with all the burial insurance information you and your family need.
As Burial Insurance Pro’s, we know what your best options are and how to find the best company that fits your personal needs. Especially when it comes to saving you from wasting any of your time, money, and resources. You have better things to do and worry about! Let us take care of it. Not everyone is in perfect health, so applying for final expense insurance can be tricky.
At Burial Insurance Pro’s, our service to you is free and will not be added to your premium. We want to help people like you – it’s our job and it’s what we are good at. Give us a call and let us help you answer any questions you may have about your pre-existing health conditions and burial insurance. Give us a quick call at 844-334-6143, and let us help you and your family!